Accident & Sickness Insurance
Errors & Omissions Insurance
All licensees must be covered under an E&O insurance policy with a minimum limit of $1 million per claim and a minimum aggregate limit of $2 million.
Any A&S agency that has more than one licensee authorized to represent it, regardless of the relationship of the licensees (such as family members), cannot rely on the vicarious
liability of individual policies. The agency must have separate coverage on the agency itself. Only an A&S agency that has one individual agent, is set up as a personal corporation and
the individual A&S agent has an E&O insurance policy which extends coverage vicariously to the A&S agency is exempt from having its own coverage.
A licensee who is considered an employee of an insurer may be considered exempt, subject to meeting the requirements of Rule 7(11)(b).
A licensee (including an A&S agency) that does not meet the minimum coverage requirements of Rule 7(11) must immediately cease conducting any insurance
activities and must notify Council within 5 business days. Read Council Rule in full for more information.
Council is conducting audits to ensure compliance and is taking disciplinary action where the required coverage is not in place.
Requirement to Represent an Insurance Company
An A&S insurance agent must have written authorization to represent at least one insurer authorized
to do A&S insurance business in B.C. Where the agent no longer has such authorization for a period exceeding 21 calendar
days, the licence is automatically suspended and the agent is required to notify Council within 5 business days of the
Should an agencys licence be suspended, the authority of all of its licensed representatives is also suspended.
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